Event: in the first three quarters of 16 years, Tibet Tourism (600749.CH/ RMB 23.56, unrated) achieved operating income of 114 million yuan, a decrease of 7.81% over the same period last year, a net profit of-26.2075 million yuan, a loss reduction of 6.504 million yuan, a net profit of-29.7239 million yuan, a loss reduction of 8.93 million yuan, and earnings per share of-0.1386 yuan per share.

1. The impact of natural disasters and the "two restrictions and one police" policy continued, and the company's operating revenue declined. In the first three quarters of 16 years, the company achieved operating income of 114 million yuan, down 7.81% from the same period last year. This is mainly due to natural disasters (earthquake in Nepal), severe weather (roads washed away by Rain Water) and "two restrictions and one police" policy (tourism and transportation costs remain on the high side. The negative impact on the overall growth of the tourism industry in Tibet) continues to be caused by the negative impact on the company's performance.

two。 The window period of reorganization has passed, and the expectation of extension is strong. The company announced its intention to acquire Lakala on February 6, 16, and then terminated on June 24, 16. the company promised not to plan any major asset restructuring for 3 months, which was fulfilled on September 28, 16. With the end of the restructuring window, the company is expected to start the extension process again.

3. Investment advice: the company reduced its losses in the first three quarters compared with the same period last year, and its performance is still affected by natural disasters and the policy of "two limits and one police". The "window period" after the failure of the reorganization of Lakala has been completed, and the follow-up extension is expected to be strong. The current market capitalization of the company is 4.5 billion, and the market capitalization is relatively small. Investors are advised to focus on it.